Northwind Group Provides $401 Million First-Mortgage Completion-to-Inventory Loan for The Ritz Carlton Residences, Palm Beach Gardens in Florida

The ultra-luxury waterfront condominium residences and private marina are entering the final stages of construction, with completion anticipated this summer.

NEW YORK, May 7, 2026 /PRNewswire/ -- Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has announced the origination of a $401 million first-mortgage completion-to-inventory loan secured by The Ritz-Carlton Residences, Palm Beach Gardens, a 14-acre, three-tower luxury branded residential and private marina development on the Intracoastal Waterway. The property is the brand's only condominium residential development designated as an Estate Collection property, recognized for its unique estate-style homes. Northwind's financing comes at a pivotal point in the construction cycle, just months from completion. The loan provides the sponsor with flexible capitalization to bridge the project from construction completion through unit sellout.

Located at 2200 PGA Boulevard in Palm Beach Gardens, Florida, with 1,040 feet of direct Intracoastal frontage, the project consists of 106 expansive flow-through residences, all within a private waterfront complex that includes a 29-yacht slip marina with direct deepwater access to the Atlantic Ocean. Residences range from three to five bedrooms with dens, with private elevator entry and layouts ranging from 2,875 to 5,120 square feet of interior living space. The property features 20,000 square feet of curated indoor and outdoor amenities, including a waterfront restaurant, a 95-foot infinity-edge pool, spa and wellness facilities, fitness center, pickleball court, dog park, and a residents' clubhouse, all operated and serviced by The Ritz-Carlton.

The loan was originated through Northwind Debt Fund III, the firm's latest flagship closed-end vehicle focused on real estate credit investments across major U.S. markets. The transaction follows a period of continued platform growth, with Northwind recently surpassing $4.6 billion in total debt originations and closing its 100th loan earlier this year.

The development is led by Catalfumo Companies, a Palm Beach Gardens based real estate firm founded in 1978 by Daniel S. Catalfumo. With more than four decades of local operating experience, the firm has completed over 75 million square feet of real estate across a diverse range of asset classes throughout South Florida.

Ran Eliasaf, Founder and Managing Partner of Northwind Group, commented, "We are excited to provide financing for this project and support its delivery through completion and sellout. The combination of a fourteen-acre Intracoastal site, a private marina, and large-format floor-through residences fully amenitized and serviced by The Ritz-Carlton positions the property well within the market. We are entering the project at the tail end of construction to carry its momentum through sellout, supported by meaningful presales achieved to date. We are pleased to bring our expertise in condo-inventory lending to the South Florida market as we continue and expand our credit platform. We are excited to be the lending partner to Catalfumo Companies, which brings decades of development experience in Palm Beach County. The region continues to benefit from sustained migration from the Northeast and an expanding institutional presence, further supporting demand for luxury residential product. This transaction reflects our approach to supporting well-located residential projects in in-fill markets with sustained growth."

Daniel S. Catalfumo, CEO and Chairman of Catalfumo Companies, said, "Northwind Group proved to be the right fit for The Ritz-Carlton Residences, Palm Beach Gardens. In nearly 50 years of business, it's uncommon to find a lender that delivers exactly what was agreed to from handshake to closing. Their team operated with integrity, consistency, and a true commitment to getting the deal done the right way. We're proud to have partnered with Northwind Group on this transaction and look forward to future opportunities together."

The financing was arranged by Scott Wadler and Michael Basinski at Berkadia.

About Northwind Group
Founded in 2008 by Ran Eliasaf, Northwind Group is a Manhattan-based real estate private equity firm and debt fund manager specializing in credit investments through its discretionary, closed-ended debt funds. The firm has successfully executed $9.5 billion in real estate transactions in the U.S. across more than 400 real estate and healthcare properties. For further information, go to www.northwind-group.com.

About Catalfumo Companies
Based in Palm Beach Gardens, Catalfumo Companies prides itself on the core values of integrity, quality and service. Established in 1978 by Daniel Catalfumo, the business that carries his name has become the largest privately-owned development firm in Palm Beach and has successfully completed over 75 million square feet of real estate with an aggregate value in excess of $8 billion. Catalfumo is sought after by national corporations and government entities who rely on unrivaled expertise throughout every stage of development, construction and management of landmark projects that have shaped the South Florida skyline. An ever-present culture of meticulous attention to detail and visionary expertise ensures quality from the ground. Previous projects include the development of 2700 N Ocean in Singer Island and construction management of The Ritz-Carlton Golf Club & Spa, Jupiter, Legacy Place in Palm Beach Gardens, Marriott Ocean Pointe, Oasis on Singer Island, U-Health Bascom Palmer Palm Beach Gardens Campus, Wackenhut Headquarters, West Palm Beach City Hall & Library, Port of Palm Beach, Palm Beach County Administrative Building, along with numerous projects along PGA Boulevard. To learn more about Catalfumo Companies, please visit www.catalfumo.com .

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SOURCE Northwind Group